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What's also interesting about HAMP is that it's allowing banks to deny modifications for those who have substantial equity in their homes. This way, a foreclosure will present a fantastic means of recouping losses from having to rewrite homes. Since I had substantial equity, after the first denial and having to reapply, I learned that I needed to hide all possible assets to prevent another denial. Unfortunately, the banks are very slippery and are using any possible reason to deny those who are not underwater in order to get a quick foreclosure moving along.
I have no job, I have a low pay job, I have a job that I might not have next year, I can't verify anything, I take no responsibility for any of my actions. But Barney Frank and Chris Dodd said I'm entitled to own a house. I buy a house I can't afford. I don't make mortgage payments. I lose the house in foreclosure. The banks made me do it. It's Bushes fault.
No Dems forced banks to give loans to unqualified buyers! I distinctly recall an article in the Orange County Register back in about 2002 or 2003 than said deregulation was allowing banks to go after people with "cash only incomes and no credit scores", meaning illegal immigrants. They preyed on people who didn't understand home mortgages and put them in homes with inflated prices with loans that would jump up after a year or two where the people would no way be able to afford the payments. The banks bought their deregulation and then used it to line their pockets until the bubble burst.
Your looking at this backwards.. Did Dems FORCE banks to provide loans? Of course not.. Did Dems ENTICE banks to give loans? ABSOLUTELY.. When Fannie/Freddie guarantees a loan that you just gave, why would you not loan it out and collect the fees?
Gov't watchdogs: mortgage program is not working - Yahoo! Finance (http://finance.yahoo.com/news/Bailout-watchdog-calls-apf-1527849934.html?x=0 - broken link)
This program was destined to fail, due to the fact that many of those losing their homes shouldn't have been homeowners in the first place. They were granted a mortgage based on inadequate income and poor credit history and the fact they couldn't afford the home from the outset, but why should those little details get in the way of giving everyone a home of their own?
San Diego County had fewer mortgage defaults and foreclosures in the second quarter than it has had in the past three years, according to a report released today by MDA DataQuick, a real-estate research firm based in La Jolla.
Countywide, 5,458 homes went into default during the second quarter, a 45 percent drop from the total of 9,866 during the same period of last year. That’s the lowest number since the second quarter of 2007, just as the county was slipping into recession.
Foreclosures dropped 6 percent from 3,518 in the second quarter of 2009 to 3,315.
Don't you just hate it when obstacles such as "the facts" get in your way?
I have no job, I have a low pay job, I have a job that I might not have next year, I can't verify anything, I take no responsibility for any of my actions. But Barney Frank and Chris Dodd said I'm entitled to own a house. I buy a house I can't afford. I don't make mortgage payments. I lose the house in foreclosure. The banks made me do it. It's Bushes fault.
Homeowners Say HAMP Program Left Them Hanging - cbs5.com (http://cbs5.com/consumer/HAMP.trial.loan.2.1651127.html - broken link)
b-b-b-b-b-b-b-b-b-b-but San Diego!
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San Diego foreclosures lowest in 3 years
